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The present value of a perpetuity, with the first cash flow paid in 4 years' time, is equivalent to the present value of $100,000

 

The present value of a perpetuity, with the first cash flow paid in 4 years' time, is equivalent to the present value of $100,000 that is to be paid in 15 years' time. The perpetuity and the lump sum have a required rate of return of 10%. What is the annual cash flow associated with the perpetuity?

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